John Mack: We Haven't Even Gotten Through The Volcker Rule Yet - It's 2200 Pages Too Long

Ringing the closing bell to celebrate Morgan Stanley’s 75th Anniversary today were James Gorman, John Mack, and Parker Gilbert, a retired Morgan Stanley Chairman (who CNBC’s Maria Baritoromo has to lean in and yell questions to).

Most notably, Gorman says he’s “very excited” about the future and that he totally expected and is comfortable with the capital requirements determined by Basel III.

(Also noted: We never knew James Gorman had such a thick Australian accent!)

The best part is when John Mack won’t comment on FrontPoint Partners’ spinning off by saying essentially, it’s too soon to speculate. The Volcker Rule is too long and we haven’t read it yet.

His exact quote when Maria asks him about whether or not Morgan will need to make any changes with respect to the Volcker Rule is:

“Things will need to be looked at but it’s too early to make any decisions. It’s 2200 pages, it goes to committee and workout. So let’s not jump to any conclusions before we get through the paper work.

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